9911796707
TMI Blog2016 (10) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... 50% of the agricultural income computed by the Assessing Officer. (ii) The ld. CIT(A) has erred in sustaining the addition of cash deposit of Rs..10 lakhs (iii) The ld. CIT(A) erred in sustaining the addition of differential amount of cash deposit of Rs..66,520/- in assessee's bank account. (iv) The ld. CIT(A) erred in sustaining the disallowance of the claim of interest payment aggregating to Rs..10,42,947/-. 2. Brief facts of the case are that the assessee is an individual, engaged in marketing of residential plots, salary & HP income. He filed his return of income on 29.09.2009 admitting total income of Rs..1,02,23,127/-. The case of the assessee was taken up for scrutiny and notices under section 143(2) and 142(1) of the Acts wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as unfair, the ld. CIT(A) has restricted 50% of the income of Rs..18,33,002/- as income derived from the said land holdings and sustained balance 50%. 5.2 Before us, the ld. Counsel for the assessee has contended that the ld. CIT(A) was not correct in restricting the agricultural income and pleaded that the disallowance of 50% of agricultural income should be treated as income from agriculture. On the other hand, the ld. DR supported the order of the ld. CIT(A). 5.3 We have considered both the sides, perused the materials available on record and gone through the orders of authorities below. The assessee has claimed agricultural income at Rs..18,33,002/-. Since the assessee was engaged in the business of real estate, the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted, it cannot be held that there was no income from the above said agricultural land holdings. Since the ld. CIT(A) restricted the disallowance on estimated basis in the absence of material evidence for the income earned by the assessee, we are of the considered opinion that the disallowance sustained by the ld. CIT(A) is on higher side and it has to be reasonably reduce the disallowance sustained by the ld. CIT(A). Accordingly, we allow 75% of the income of Rs..18,33,002/- as income derived from the said land holdings and the Assessing Officer is directed to disallow the balance 25%. Thus, the ground raised by the assessee is partly allowed. 6. The next ground raised by the assessee is with regard to sustaining the addition of cash depo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e not made in the cash book, it cannot be termed as technical reason. It was not the only instance that the assessee has not made entry of the withdrawal in the cash. In the relevant financial year, when the assessee made deposit with Axis Bank of Rs..1,00,000/- on 26.03.2009, the assessee has not made entry of the withdrawal in the cash book and therefore, the Assessing Officer has treated the same as unaccounted income, which was not disputed before the ld. CIT(A) or before the Tribunal. Therefore, the submissions made by the ld. Counsel for the assessee should not be accepted. 6.3 We have heard both sides, perused the materials on record and gone through the orders of authorities below. With regard to the cash deposit with UTI Bank on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. The assessee claimed that he received Rs..2,33,480/- towards lease amounts from agricultural lands at Kolli Hills. As there was a receipt from lease on 10.05.2008, an amount of Rs..3,00,000/- out of the amount drawn from M/s. Abi Estates has been deposited into the bank account. Since the assessee has explained the receipt to the extent of Rs..2,33,480/-, the difference amount of Rs..66,520/- was brought to tax as unexplained income of the assessee. On appeal, the assessee has failed to give any convincing explanation with regard to the source for Rs..66,520/-. Therefore, the ld. CIT(A) confirmed the addition made by the Assessing Officer. Even before us, the ld. Counsel for the assessee has not given any details with regard to the sourc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
